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Nigeria’s Inflation Rate Declined to 17.75% in June, Says NBS

Nigeria’s Inflation Rate Declined to 17.75% in June, Says NBS

Nigeria recorded a marginal decline in inflation rate in June, latest figures from the National Bureau of Statistics (NBS) has shown.

The June Consumer Price Index (CPI) report published by the NBS on Friday indicated that inflation rate fell from 17.93 per cent in May to 17.75 per cent in June.

This showed 0.18 per cent reduction in the inflation rate.

The CPI report stated, “The consumer price index which measures inflation (rate of change in the increase in prices) increased by 17.75 per cent (year-on-year) in June 2021.

“This is 0.18 percentage points lower than the rate recorded in May 2021 (17.93) per cent. (This implies that prices continued to rise in June 2021 but at a slightly slower rise than it did in May 2021).”

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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